Howard Lutnick, Chairman & CEORaymond James 32nd Annual Institutional Investors Conference

March 7, 2011

Notes & Disclaimers

2

Discussion of Forward-Looking Statements by BGC Partners

Information in this document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,

and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements include statements about the outlook

and prospects for the Company and for its industry as well as statements about its future financial and operating performance. Such statements

are based upon current expectations that involve risks and uncertainties. Actual results, performance or achievements could differ materially

from those contemplated, expressed or implied because of a number of risks and uncertainties that include, but are not limited to, the risks and

uncertainties identified in BGC Partners’ filings with the U.S. Securities and Exchange Commission. The Company believes that all forward-

looking statements are based upon reasonable assumptions when made. However, BGC Partners cautions that it is impossible to predict actual

results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes and that accordingly you should

not place undue reliance on these statements. Forward-looking statements speak only as of the date when made and the Company undertakes

no obligation to update these statements in light of subsequent events or developments. Please refer to the complete disclaimer with respect to

forward looking statements and the risk factors set forth in BGC Partners’ public filings which are incorporated into this document by

reference.

Note Regarding Financial Tables and Metrics

An excel file with the Company’s quarterly financial results and metrics from full year 2008 through the fourth quarter of 2010 is accessible at

the “Investor Relations” section of http://www.bgcpartners.com. It is also available directly at http://www.bgcpartners.com/ir-news.

Distributable Earnings

This presentation should be read in conjunction with BGC’s most recent financial results press release. Unless otherwise stated, throughout this

presentation we refer to our results only on a distributable earnings basis. For a complete description of this term and how, when and why

management uses it, see the final page of this presentation. For both this description and a reconciliation to GAAP, see the sections of BGC’s

most recent financial results press release entitled “Distributable Earnings,” “Distributable Earnings Results Compared with GAAP Results”, and

“Reconciliation of GAAP Income to Distributable Earnings”, which are incorporated by reference, and available in the “Investor Relations”

section of our website at http://www.bgcpartners.com.

Overview

4

BGC Partners – A Leading Inter-Dealer Broker

Banks Trading FirmsI-Banks

Corporations InvestorsGovernments

Corporations InvestorsGovernments

Banks Trading FirmsI-Banks

5

Business Overview

5

Key products include:

• Rates

• Credit

• Foreign Exchange

• Equity Derivatives

• Other1,705 brokers and salespeopleOver 200 desksIn 24 cities

Develops and markets real-time proprietary pricing data

Provider of customized screen-based solutions which enable clients to develop electronic marketplaces

Voice / Hybrid Broking Electronic BrokingMarket Data/Software Solutions

Key products include:

• Treasuries

• Credit Default Swaps

• FX Derivatives

• European Government Bonds

• Spot FX

• Canadian SovereignsProprietary network

connected to the global financial communitySubstantial investments in

creating proprietary technology / network

6

Solid Business with Significant Opportunities

Diversified revenues by geography & product

Well positioned to take advantage of current market dynamics

Accretively hiring and acquiring

Investing for broker productivity & fully electronic trading

Highly leverageable business model

Deep and experienced management team with ability to attract and

retain key talent

Intermediary-oriented, low-risk business model

Attractive dividend yield

EMEA

56.8%

Americas

27.5%

APAC

15.7%

7

4Q2010 Global Revenue Breakdown

New York

Chicago

Toronto

Mexico City

London

Copenhagen

ParisNyon

Istanbul

Beijing Seoul Tokyo

Sydney

Singapore

Hong Kong

Johannesburg

São PauloRio de Janeiro

Moscow

Americas Revenue up 10.5% y-o-y

Asia Pacific Revenue up 4.5% y-o-y

Europe, Middle East & Africa Revenue up 7.1% y-o-y

Sarasota

4Q2010 Revenues

Dubai

Aspen

West Palm Beach

Garden City

Note: Based on Distributable Earnings. Totals may not sum due to rounding. See the second to last page of this presentation for average exchange rates

for the period.

8

Rates 42.1%

Credit 21.8%

Foreign Exchange

14.9%

Equities and Other Asset

Classes 13.5%

Market data & software

2.3%

Fees from related parties, interest & other

income5.4%

4Q2010 Revenue Breakdown by Product

Up 16.1% y-o-y

Revenues related to fully

electronic trading* =

10.0% of total DE

revenues in 4Q2010 vs.

9.2% in 4Q2009

* This includes fees captured in both the “total brokerage revenues” and “ fees from related party” line items related to fully electronic trading.

Note: percentages may not sum to 100% due to rounding.

9

Significant Leverage Through Scale and Technology

Hybrid Brokerage:

Hire and Acquire

Market Data & Software:

Distribute

Fully Electronic:

Convert

Pre-Tax Distributable Earnings Contribution

30%

Incremental

Margin

35-50%

or more

Incremental

Margin

45-75%

Incremental

Margin

Note: Incremental margin estimates based on BGC’s historical financial performance.

Strong Performance

-10%

0%

10%

20%

30%

40%

50% 45%

35%

15%

-6%

31%

3%

37%

20%

14%

Solid Revenue Growth Across Most Products and

Geographies

11

FY 2010 Revenue Growth

$200

$225

$250

$275

$300

$325

$350

$375

$400

Q4 2009 Q4 2010 Q1 2010 Q1 2011 low Q1 2011 high

$300

$322

$349$355

$370

($ m

illio

ns)

12

BGC Revenue Trend (millions)

Outlook

Up 2% - 6% y-o-y

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

$60

4Q09 4Q10 1Q10 1Q11

Low

1Q11

High

$14.8

$39.8$38.1

$48.0

$54.0

($ m

illio

ns)

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

4Q09 4Q10 1Q10 1Q11

Low

1Q11

High

$23.0

$45.4 $44.8

$57.0

$63.0

($ m

illio

ns)

13

Distributable Earnings Growth

Pre-tax Distributable Earnings Growth Post-tax Distributable Earnings Growth

Fourth quarter pre-tax & post-tax distributable earnings per fully diluted share were up 73%

and 143% y-o-y, respectively

Outlook Outlook

Up 26% - 40% y-o-yUp 27% - 40% y-o-y

$0.06

$0.14 $0.14 $0.14 $0.14

6%

9%

10%

8%

6%

0%

2%

4%

6%

8%

10%

12%

$0.01

$0.03

$0.05

$0.07

$0.09

$0.11

$0.13

$0.15

4Q2009 1Q2010 2Q2010 3Q2010 4Q2010

Dividend Yield when Declared

14

Strong, Steady Dividend Growth

ICAP, 35.1%

Tullet, 18.8%

GFI, 10.8%

Tradition, 15.7%

BGC, 18.1%

ICE/Creditex, 1.4%TTM 2010 Market Share

ICAP, 33.7%

Tullet, 21.4%

GFI, 10.6%

Tradition, 16.8%

BGC, 15.8%

ICE/Creditex, 1.8%

TTM 2009 Market Share

15

BGC: Strongest Market Share Gain

Note: The above analysis uses revenue figures as reported by the above companies and converts them to US dollars at the relevant historical average exchange rates. 100% = total revenues for the 6 abovementioned companies at the relevant historical average exchange rates. TTM period for BGC, GFI, ICE, and Tradition is ended 12/31; for ICAP is ended 9/30; for Tullet it is for TTM ended 10/31. For both periods, ICE/Creditex revenues are for OTC Credit execution only. Note that the totals may not add to 100% due to rounding.

BGC gained ≈ 240 BP of market

share in $US terms y-o-y =

strongest relative performance

amongst public IDBs

BGC gained ≈ 230 BP of market

share in $US terms y-o-y =

strongest relative performance

amongst public IDBs

-300

-200

-100

0

100

200

300BG

C

ICA

P

GFI

ICE/C

reditex

Tra

ditio

n

Tulle

t

Share Gained (Lost) in Basis Points

16

Y-O-Y Revenue Growth (MRP Available) Y-O-Y EPS Growth (MRP Available)

Leading Financial Intermediary Operational comparison

Y-O-Y Pre-tax Profit Growth (MRP Available)Y-O-Y Pre-Tax

Margin Expansion (in BPS, MRP Available)

-2,000

-1,500

-1,000

-500

0

500

1,000

KCG ICAP GFI Tullett MF MKTX ITG

641

-1,151

-575

-254-102

75

492

829

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

KCG ITG Tullett MF ICAP GFI MKTX

7.6%

-16.4%

-8.3%-6.1%

-0.1%

6.1%8.0%

13.7%

-100%

-50%

0%

50%

100%

150%

KCG ITG GFI ICAP Tullett MF MKTX

143.0%

-77.3%-45.0%

-25.0%-12.0% -7.1%

6.4%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

GFI KCG ICAP Tullett MKTX ITG MF

97.4%

-75.3% -74.3%

-25.8%-11.5%

30.9%

Note: Source is Bloomberg or company filings. Data for calculations is sourced in US dollars from Bloomberg. MRP available is 3 Mos ended December 31 for BGC, GFI, ITG, KCG, MKTX, and MF. Most recent period available for ICAP, is 6 Mos ended Sept 30, and for TLPR, most recent period available is 6 Mos ended June 30.

NMF

NMF NMF

0

5

10

15

20

25

Tullet KCG GFI ICAP ITG MF MKTX

11.2x

8.9x10.1x

13.2x 13.2x14.9x

17.1x

21.0x

17

0

2

4

6

GFI MKTX ITG MF KCG Tullett ICAP

2.0

0.7 0.7 0.81.4 1.4 1.5

5.9

2011 P/E Multiple 3-Mos Avg. Daily Volume (in thousands)

0

500

1,000

1,500

2,000

2,500

3,000

MKTX GFI ITG Tullet KCG ICAP MF

574

117385 429

660

1,104

1,859

2,129

Leading Financial Intermediary Operational comparison (Continued)

Market Cap (in USD B)

Note: Source for all information above is Bloomberg. Market data is as of 2-17-11 close of market.

Implied Dividend Yield

0%

1%

2%

3%

4%

5%

6%

7%

8%

ITG KCG MF MKTX ICAP GFI Tullett

6.3%

0.0% 0.0% 0.0%

1.7%

3.6%3.7%4.0%

141%

12%

30%

69%

56%

-2%

5%

43%

24%

44%

-11%

44%

19%

27%

56% 55%

14%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

TTM Total Return w/ Dividend Reinvestment

18

BGCP Solidly Outperforms the Market Structure

Group

Source: Bloomberg. Total Return = stock/index performance with dividend reinvestment as of 2/18/11 end of day.

19

Growth Drivers: Positive Momentum

MASSIVE

SOVERIEGN

ISSUANCE

Why Such Strong

Performance For BGC?

HEADCOUNT

GROWTH

&

MARKET

SHARE

GAINS

FULLY

ELECTONIC

TRADING

($300)

($200)

($100)

$0

$100

$200

$300

$400

$500

$600

I-2005 II III IV I-2006 II III IV I-2007 II III IV I-2008 II III IV I-2009 II III IV I -2010 II III IV I -2011 II

Borr

ow

ing

($ in b

illio

ns)

Treasury Quarterly Net Borrowing

Total Estimate

Over 10 year TIPS

5-10 year TIPS

Over 10 years

5-10 years

2-under 5 years

Bills

Estimate

20

Record US Treasury Issuance = Continued Tailwind

Source: US Department of the Treasury. Data for Q2 2011 is the projected estimate for net borrowing. Treasury Fiscal Year ends September 30th.

Short Term Bills Start Rolling

Over to Longer Dated

BGC generally trades 2-year or longer dated UST securities

62

64

66

68

70

72

74

76

78

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Debt Held by the Public Debt Held by the Public as a % of GDP

21

US Federal Debt Balance Should Keep Growing…

Source: Congressional Budget Office, “The Budget and Economic Outlook: Fiscal Years 2011 to 2021,” January 2011.

Perc

en

t of G

DP

Deb

t (i

n b

illio

ns

of

do

llars

)

Projections

Even as deficits begin to stabilize as a percentage of GDP, gross debt continues to rise

As national deficits rise, trading in both bonds and their related interest rate and credit derivatives

increases

0%

1%

2%

3%

4%

5%

6%

7%

8%

55%

60%

65%

70%

75%

80%

85%

2008 2009 2010 2011 2012

Debt (lef t axis) Def icit (right axis)

22

…As Should EU Deficits and Gross Debt

Source: European Commission. “European Economic Forecast-Autumn 2010,” published 11/29/10.

Perc

en

t of G

DP

Perc

en

t o

f G

DP

Estimates

23

BGC’s Ability to Attract and Retain Key Talent

Partnership structure tax efficient for both partners and public shareholders

Partnership is a key tool in attracting and retaining key producers

Unlike peers, large number of key employees have sizable and mostly restricted equity or unit stakes ( 38% of fully diluted shares*)

Fundamental alignment of employees’ interests with shareholders’

Structure combines best aspects of private partnership with public ownership

*Excluding shares associated with the Company’s Convertible Senior Notes due 2015

24

Strong Record of Successful, Accretive Acquisitions

Offices: New York, London

and Tokyo

~325 brokers

Leader in fixed income,

money market & derivatives

Maxcor / Eurobrokers

(May 2005)

Offices: Paris

~70 brokers

Presence in OTC &

exchange traded products

ETC Pollack

(September 2005)

Office: Paris

~75 brokers

Expertise in equity

derivatives

Aurel Leven

(November 2006)

Office: Istanbul

Gain access to Turkish

equities and electronic bond

market

AS Menkul

(December 2006)

Office: Singapore

OTC Energy broker

specializing in crude oil / fuel

oil/ naptha distillates

Radix Energy

(March 2008)

Offices: London,

Johannesburg

Expand equity derivatives

business in emerging

markets

Marex Financial (a)

(August 2007)

2005 2006 2007 2008

(a) BGC acquired Marex Financial’s emerging markets business.

(b) BGC acquired various assets and businesses of Mint Partners and Mint Equities.

Offices: Sao Paulo and Rio de

Janeiro

70 brokers

Leader in FX derivatives,

commodities, credit, equities,

and interest rate products

Liquidez

(June 2009)

2009 2010

Main Office: London

Mainly Equities, also Credit, Rates,

Foreign Exchange, Commodities

and Energy

~100 brokers

Mint Partners/Mint Equities (b)

(August 2010)

1,5531,551 1,612 1,721

1,705

0

500

1,000

1,500

2,000

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

(Fro

nt

Off

ice E

mp

loyees)

25

$0

$200

$400

$600

$800

$1,000

$1,200

2009 2010 4Q2009 4Q2010

$799.5$784.7

$188.2 $180.2

($ t

ho

usa

nd

s)

Historically, the Company’s average revenue per front office employee has declined for the periods following significant headcount increases. BGC Partners’ new front office employees generally achieve higher productivity levels in their second year with the Company

BGC Front Office Employee Growth

Front Office Productivity (in thousands)

Note: Front office productivity is calculated as “total brokerage revenue,” “market data and software sales revenue,” and the portion of “ fees from related

party” line items related to fully electronic trading divided by average front office headcount for the relevant period.

Front Office Headcount

26

Voice HybridFully Electronic

Property DerivativesExotic OptionsCommodity DerivativesCorporate ReposBasis SwapsUS CDSInterest Rate Swaps

European CorporatesStructured ProductsEuropean GovsEuropean Gov RepoUSD SovereignAsset BackedUK GiltsUST SwapsTIPs

FX OptionsEuropean SovereignsCanadian SovereignsEuropean CDS

U.S. TreasuriesSpot FX

Interest Rate DerivativesEmerging MarketsConvertiblesNDFsEquity-related

New

Pro

ducts

Vo

lum

e G

row

thBGC’s Product Spectrum in Late 2008 ≈ 20 e-brokered Desks

27

New

Pro

ducts

Vo

lum

e G

row

th

Voice Hybrid Fully Electronic

Q12011, More Than 75 Desks Offer Fully Electronic Trading

Money Markets

Property Derivatives

Exotic IR & FX Options

Commodity Derivatives

Shipping

Commodities

USD & EUR Sovereigns

New Issue Securities

Interest Rate Derivatives

Cash Equities

Basis Swaps

Inflation Swaps

Floating Rate Notes

Base Metals

Asset Backed Securities

Convertible Bonds

Covered Bonds

UST Curve SwapsUST Off-the-RunsEuropean Gov’t BondsEquity Derivatives (Global)UK GiltsEmerging Market Bonds

FX OptionsEuropean CorporatesSingle-Name CDS (Global)CDS Indices (Global)Sovereign CDS Euro Interest Rate SwapsUS Dollar IRSSGD IRS and INR IRSAsian Convertible BondsUS Dollar IR OptionsYen IR OptionsNon-deliverable ForwardsBase Metals OptionsPrecious Metals OptionsLiquidez DMA+ others

US TreasuriesSpot FXELX-CME Basis SwapsFutures RoutingCanadian Sovereigns

28

BGC Should Benefit from Proposed OTC Changes

We profitably broker OTC and exchange traded, centrally cleared products

We strongly favor open and non-discriminatory central clearing

We are generally paid significantly faster by central clearing organizations

Central clearing may lead to higher OTC volumes in certain markets

BGC has competitive advantage versus IDB peers if hybrid or electronic trading is

encouraged and/or required

BGC should qualify as an "swap execution facility” and other equivalent terms

29

Solid Business with Significant Opportunities

Diversified revenues by geography & product

Well positioned to take advantage of current market dynamics

Accretively hiring and acquiring

Investing for broker productivity & fully electronic trading

Highly leverageable business model

Deep and experienced management team with ability to attract and

retain key talent

Intermediary-oriented, low-risk business model

Attractive dividend yield

Q&A

Appendix

32

ELX Update

Offers US Treasury futures, Eurodollar Futures

• Recent records in single-day total volume and market share:

• 100K+ contracts traded on 1/5/2011

• Market share = nearly 5% on 1/10/2011.

• OI for Eurodollar futures = 235,501 contracts on 1/27/2011

• Options on Futures, other products in development

• Partners include nearly all the largest FCMs* and most active futures trading

firms: Bank of America Merrill Lynch, Barclays Capital, Breakwater, Citi, Credit

Suisse, Deutsche Bank Securities, GETCO, Goldman Sachs, JPMorgan, Morgan

Stanley, PEAK6 and The Royal Bank of Scotland

• Partners recently participated in capital raise

• Customers include top FCMs like MF & Newedge

• OCC provides clearing services

• CFTC is reviewing EFFs

* Ranked by FCM assets per “Financial Data for Futures Commission Merchants” at www.CFTC.gov

EMEA

54.0%

Americas

31.0%

APAC

15.0%

33

Full Year 2010 Global Revenue Breakdown

New York

Chicago

Toronto

Mexico City

London

Copenhagen

ParisNyon

Istanbul

Beijing Seoul Tokyo

Sydney

Singapore

Hong Kong

Note: Based on Distributable Earnings. Total may not sum due to rounding. See the second to last page of this presentation for average exchange rates

for the period.

Johannesburg

São PauloRio de Janeiro

Moscow

Americas Revenue up 36.9% y-o-y

Asia Pacific Revenue up 19.9% y-o-y

Europe, Middle East & Africa Revenue up 2.7% y-o-y

Sarasota

FY2010 Revenues

Dubai

Aspen

West Palm Beach

Garden City

34

Rates 41.7%

Credit 23.3%

Foreign Exchange

13.8%

Equities and Other Asset

Classes 13.3%

Market data & software

2.0%

Fees from related parties, interest & other

income6.0%

Full Year 2010 Revenue Breakdown by Product

Up 30.7% y-o-y

Revenues related to fully

electronic trading* =

9.4% of total DE

revenues in FY2010 vs.

8.2% in FY2009

* This includes fees captured in both the “total brokerage revenues” and “ fees from related party” line items related to fully electronic trading.

Note: percentages may not sum to 100% due to rounding.

Rates

42.1%

35

$0

$100

$200

$300

$400

$500

$600

FY 2009 FY 2010 Q4 2009 Q4 2010

$483.2

$556.2

$125.9 $135.9

(US

D m

illio

ns)

Brokerage Overview: Rates

• Interest rate derivatives

• US Treasuries

• Global Government Bonds

• Agencies

• Futures

• Dollar derivatives

• Repurchase agreements

• Non-deliverable swaps

• Interest rate swaps & options

Rates Revenue Growth

% of 4Q2010 Total Distributable Earnings RevenueExample of Products

• Voice & fully electronic cash rates business grew due to continuing strong fixed income issuance globally

• Global activity aided by heightened global levels of interest rate volatility

• BGC’s continued investment in its Rates franchise

Drivers

Credit

21.8%

$0

$100

$200

$300

$400

$500

FY 2009 FY 2010 Q4 2009 Q4 2010

$331.4$311.0

$70.4 $70.3

(US

D m

illio

ns)

36

Brokerage Overview: Credit

• Credit derivatives

• Asset-backed securities

• Convertibles

• Corporate bonds

• High yield bonds

• Emerging market bonds

Credit Revenue Growth

% of 4Q2010 Total Distributable Earnings Revenue

Example of Products

• Primarily lower industry-wide corporate bond and credit derivative activity

• Partially offset by a significant increase in revenues from fully electronic credit trading

• Strong y-o-y growth in sovereign CDS activity

Drivers

FX14.9%

37

$0

$25

$50

$75

$100

$125

$150

$175

FY 2009 FY 2010 Q4 2009 Q4 2010

$136.5

$183.8

$38.5$48.0

(US

D m

illio

ns)

Brokerage Overview: Foreign Exchange

• Foreign exchange options

• G-10

• Emerging markets

• Cross currencies

• Exotic options

• Spot FX

• Emerging market FX options

• Exotic FX options

• Non-deliverable forwards

Foreign Exchange Revenue Growth

% of 4Q2010 Total Distributable Earnings RevenueExample of Products

• Continuing rebound in global volumes particularly as credit issues continue to ease for customers of BGC’s Emerging Markets desks

• Growth in BGC’s market share

• Also driven by significant y-o-y growth in revenues from BGC’s fully electronic foreign exchange business

Drivers

Equities & Other

13.5%

38

Brokerage Overview: Equities & Other Asset Classes

Equities & Other Asset Classes Revenue Growth

$0

$25

$50

$75

$100

$125

$150

$175

$200

FY 2009 FY 2010 Q4 2009 Q4 2010

$122.5

$177.6

$38.7$43.5

(US

D m

illio

ns)

% of 4Q2010 Total Distributable Earnings Revenue

Example of Products

• Equity derivatives

• Cash Equities

• Index futures

• Commodities

• Energy derivatives

• Other derivatives and futures

• Strong growth globally from the Company’s increased investment in equity related products

• The addition of assets from Mint

• Growth from BGC’s energy and commodities desks

Drivers

39

BGC Partners Compensation Ratio

$560.0

$644.9 $719.6 $713.3$749.8

65.5%

57.7% 58.2% 60.9%

56.2%

0%

10%

20%

30%

40%

50%

60%

70%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2006 2007 2008 2009 2010

($ m

illio

ns)

Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue

Compensation ratio was 53.8% in 4Q2010 vs. 61.5% in 4Q2009

40

Operating Leverage / Fixed Expense Base

(11%)

6%

11%10%

14%

30%29%31%

36%

46%

(20%)

(10%)

0%

10%

20%

30%

40%

50%

FY2006 FY 2007 FY 2008 FY 2009 FY2010

Pre-tax distributable earnings as % of Total Revenue Non-comp Expenses as a % of Total Revenue

Non-comp expenses were 32.1% of distributable earnings revenues in 4Q2010 versus 30.8% in 4Q2009

Pre-tax distributable earnings margin was 14.1% in 4Q2010 vs. 7.7% in 4Q2009

Post-tax distributable earnings margin was 11.7% in 4Q2010 vs. 5.0% in 4Q2009

Note: FY 2006 based on GAAP pre-tax margin.

100

85

101

96 95

10398

82

111 110

101

88

118

108

122

113

119

105

97

107

122

115 115

93

50

75

100

125

150

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2009 Revenue

2010 Revenue

41

94

83

96

82

89

10199

103

98100

98

75

110

102104

102 101104

81

118 118

89

81

126

50

75

100

125

150

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2007 Revenue

2008 Revenue

Strong Monthly Revenue Performance ($MM)

Note: January 2011 revenue number is preliminary.

BG

C M

on

thly

Dis

trib

uta

ble

Earn

ings

Reven

ues

($M

M)

January 2011

Revenue = 123, up 4%

y-o-y

42

BGC Economic Ownership as of 12/31/2010

Public29%

Cantor34%

Employees, Executives, & Directors

37%

Note: Employee ownership figure attributes all PSIs, PSUs, RSUs, REUs, BGC units and distribution rights to founding partners & employees and includes all A

shares owned by executives and directors. Cantor ownership includes all Cantor A and B shares as well as all Cantor exchangeable units and distribution rights to

Cantor partners. Public ownership includes all A shares not owned by insiders. The above chart excludes shares related to convertible debt.

43

Strong Balance Sheet

Simple Balance Sheet

Low leverage

Safe securities position – no “mark to model” assets

BGC brokers trades either on a name-give-up basis (≈70%) or on a matched principal basis (≈30%) • Generally do not have inventory

BGC does not generally engage in proprietary trading, have margin accounts with customers, or otherwise use its balance sheet for trading purposes

44

Taxable Equivalent Yield AnalysisTAX ASSUMPTIONS BGCP STOCK ASSUMPTIONS

Qualified Ordinary

Annual

Dividend

BGCP

Price Pre-Tax Yield

Federal 15.0% 35.0% 0.56$ 8.77$ 6.4%

New York State 9.0% 9.0%

New York City 3.9% 3.9%

Net itemized deduction -4.5% -4.5%

effective rate 23.3% 43.3%

Scenario 1: 10 % is non-taxable XYZ Corporation = pays qualified dividend, 100% taxable

Scenario 2: 18 " " ABC Fund = pays distribution taxable as ordinary income

Scenario 3: 40 " "

Scenario 4: 80 " "

Scenario 5: 100 " "

BGCP VERSUS ALTERNATE INVESTMENTS

BGC Pre-

tax Yield

BGC

After-

Tax Yield

Required

Pre-Tax

Yield

"XYZ"

Required

Pre-Tax

Yield

"ABC"

10 6.2% 4.9% 6.4% 8.7%

18 6.2% 5.2% 6.7% 9.1%

40 6.2% 5.4% 7.0% 9.4%

80 6.2% 5.9% 7.7% 10.5%

100 6.2% 6.2% 8.1% 11.0%

% BGC

Dividend

Non-

Taxable

NON-TAXABLE PERCENTAGE OF BGCP

DIVIDEND ASSUMPTIONS

ASSUMPTIONS ABOUT ALTERNATIVE

INVESTMENTS

6.2% 6.2% 6.2% 6.2% 6.2%

4.9%5.2%

5.4%

5.9%6.2%

6.4%6.7%

7.0%

7.7%8.1%

8.7%

9.1%9.4%

10.5%

11.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

10 18 40 80 100

% BGC Dividend Non-Taxable

BGC Pre-tax Yield BGC After-Tax Yield Required Pre-Tax Yield "XYZ" Required Pre-Tax Yield "ABC"

45

Taxable Equivalent Yield Analysis (Continued)

18% = Actual expected non-

taxable percentage for 2010

46

Structure Creates Employee Retention and Lower

Effective Tax Rate

Public shareholders

Class A common stock

BGC Partners, Inc.

BGC Holdings, L.P.

General Partner Interest (controlling interest)

Special Voting Limited Partnership Interest

Limited Partnership Interests

General Partner Interest (controlling interest)

Special Voting Limited Partnership Interest

Limited Partnership Interests

Exchangeable Limited

Partnership Interests

Founding/

Working

Partners

Limited Partnership

Interests

Exchangeable Limited

Partnership Interests

U.S Opco

Global Opco

General Partner Interests (controlling

interest)

Special Voting Limited Partnership

Interest

Limited Partnership Interests Limited Partnership Interests

Cantor Fitzgerald, L.P.

Class A & B common stock

Our structure allows us to pay a significantly higher dividend than companies with ordinary corporate structures or companies with structures similar to ours that have tax receivable agreements

47

Average Exchange Rates

Source: Oanda.com.

*Inverted.

Average

FY 2010 FY 2009 4Q2010 4Q2009 Jan. 2011 Jan. 2010

US Dollar 1 1 1 1 1 1

British Pound 1.546 1.566 1.582 1.633 1.577 1.615

Euro 1.328 1.395 1.360 1.477 1.336 1.426

Hong Kong Dollar 0.129 0.129 0.129 0.129 0.129 0.129

Singapore Dollar 0.734 0.689 0.768 0.717 0.777 0.715

Japanese Yen* 87.750 93.580 82.520 89.810 82.510 91.290

Distributable Earnings

48

BGC Partners uses non-GAAP financial measures including "Revenues for distributable earnings," "pre-tax distributable earnings" and "post-tax distributable earnings," which

are supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its subsidiaries. BGC Partners

believes that distributable earnings best reflects the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers

available for distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period. As compared with

"income (loss) from operations before income taxes," "net income (loss) for fully diluted shares," and "fully diluted earnings (loss) per share," all prepared in accordance with

GAAP, distributable earnings calculations primarily exclude certain non-cash compensation and other expenses which generally do not involve the receipt or outlay of cash by

the Company, which do not dilute existing stockholders, and which do not have economic consequences, as described below. Revenues for distributable earnings are defined

as GAAP revenues excluding the impact of BGC Partners, Inc.'s non-cash earnings or losses related to its equity investments, such as in Aqua Securities, L.P. and ELX Futures,

L.P., and its holding company general partner, ELX Futures Holdings LLC. Pre-tax distributable earnings are defined as GAAP income (loss) from operations before income

taxes excluding items that are primarily non-cash, non-dilutive, and non-economic items, such as: Non-cash stock-based equity compensation charges for REUs granted or

issued prior to the merger of BGC Partners, Inc. with and into eSpeed, as well as post-merger non-cash, non-dilutive equity-based compensation related to partnership unit

exchange or conversion. Allocations of net income to founding/working partner and other units, including REUs, RPUs, PSUs and PSIs. Non-cash asset impairment charges,

if any. Acquisition-related costs not capitalized under GAAP. Distributable earnings calculations also exclude charges related to purchases, cancellations or redemptions of

partnership interests and certain one-time or non-recurring items, if any. Since distributable earnings are calculated on a pre-tax basis, management intends to also report

"post-tax distributable earnings" and "post-tax distributable earnings per fully diluted share“: "Post-tax distributable earnings" are defined as pre-tax distributable earnings

adjusted to assume that all pre-tax distributable earnings were taxed at the same effective rate. "Post-tax distributable earnings per fully diluted share" are defined as post-tax

distributable earnings divided by the weighted-average number of fully diluted shares for the period. In the event that there is a GAAP loss but positive distributable earnings,

the distributable earnings per share calculation will include all fully diluted shares that would be excluded under GAAP to avoid anti-dilution, but will exclude quarterly

interest expense, net of tax, associated with the convertible notes. Each quarter, the dividend to common stockholders is expected to be determined by the Company’s

Board of Directors with reference to post-tax distributable earnings per share. In addition to the Company’s quarterly dividend to common stockholders, BGC Partners

expects to pay a pro rata distribution of net income to BGC Holdings founding/working partner and other units, including REUs, RPUs, PSUs and PSIs, and to Cantor for its

noncontrolling interest. The amount of all of these payments is expected to be determined using the above definition of pre-tax distributable earnings per share. Most

employees who are holders of RSUs are granted pro-rata payments equivalent to the amount of dividends paid to common stockholders. Under GAAP, dividend equivalents

on RSUs are required to be taken as a compensation charge in the period paid. However, to the extent that they represent cash payments made from the prior period's

distributable earnings, they do not dilute existing stockholders and are therefore excluded from the calculation of distributable earnings. Distributable earnings is not meant to

be an exact measure of cash generated by operations and available for distribution, nor should it be considered in isolation or as an alternative to cash flow from operations

or income (loss) for fully diluted shares. The Company views distributable earnings as a metric that is not necessarily indicative of liquidity or the cash available to fund its

operations. Pre- and post-tax distributable earnings are not intended to replace the Company’s presentation of GAAP financial results. However, management believes that

they help provide investors with a clearer understanding of BGC Partners’ financial performance and offer useful information to both management and investors regarding

certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that distributable earnings and the GAAP

measures of financial performance should be considered together. Management does not anticipate providing an outlook for GAAP revenues, “income (loss) from operations

before income taxes”, “net income (loss) for fully diluted shares,” and “fully diluted earnings (loss) per share”, because the items previously identified as excluded from pre-

tax distributable earnings and post-tax distributable earnings are difficult to forecast. Management will instead provide its outlook only as it relates to revenues for

distributable earnings, pre-tax distributable earnings and post-tax distributable earnings. For both this description and a reconciliation to GAAP, see the sections of BGC’s

most recent financial results press release titled “Distributable Earnings” and “Reconciliation of GAAP Income To Distributab le Earnings”, which are incorporated by

reference, and available in the “Investor Relations” section of our website at http://www.bgcpartners.com.